UAE exits OPEC as Bitcoin drops below $76K
The United Arab Emirates announced its exit from OPEC after 59 years, triggering market volatility that saw bitcoin fall below $76,000（UTC+8） on April 28, 2026.
The withdrawal, effective May 1, removes OPEC’s third-largest producer and signals a strategic shift toward expanding domestic energy output outside cartel quotas.
“This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production,”
Stated the state news agency WAM.
Bitcoin dropped from a weekly high near $79,490（UTC+8） to below $76,000（UTC+8） as traders reacted to geopolitical uncertainty tied to the ongoing Iran conflict and disruptions in the Strait of Hormuz.
Oil markets showed mixed signals, with Brent crude pulling back from highs above $110（UTC+8） and WTI settling near $98（UTC+8） as traders weighed the prospect of increased UAE supply against current disruptions.
ADNOC, with capacity near 4.85 million barrels per day, is expected to gradually increase output post-exit, potentially easing inflation pressures over time.
While short-term sentiment turned risk-off, analysts say improved energy supply dynamics and reduced inflation could eventually support bitcoin and broader risk assets if market stability returns.
At the time of reporting, Bitcoin price was $76,498.37（UTC+8）.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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